Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Luxury Hotels in Taiwan

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Executive Summary

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PROSPECTS

Growing interest in travel fuelling demand for luxury hotels

Taiwan’s tourism industry has been sluggish in recent years, thus hampering the development of hotels. However, while the overall hotels category is suffering from over-supply, the niche segment of luxury hotels continues to grow.

Leading players increasingly focusing on domestic travellers

According to the Tourism Bureau of the Ministry of Communication, the overall number of passengers visiting Taiwan has declined in recent years. This trend can mainly be attributed to the falling number of visitors from China due to the strained relationship between the Chinese and Taiwanese governments.

Technological development offers both opportunities and threats

Like in other luxury goods areas, the growing emphasis on millennial consumers is going hand-in-hand with a focus on technological innovation. The citizenM Shimin Hotel, which emphasises the fact that its decor and room designs are in line with global standards, uses a 24-hour self-service check-in system.

COMPETITIVE LANDSCAPE

Demand impacted by fall in number of visitors from China

The recent decline in the number of tourists from China has had a negative impact on luxury hotels in Taiwan. In addition, the category is also being adversely impacted by a change in the make-up of visitors from China, with a notable shift from group tours, which tend to favour luxury hotels, to privately organised visits, which are more likely to opt for budget or unranked accommodation.

Rising demand continues to attract new luxury hotel players

Despite recent macroeconomic issues and the decline in visitors from China, demand for luxury hotels continues to rise strongly. In response, leading players continue to enter the market and expand existing operations.

Leading brands embracing online bookings

Online booking has become an increasingly prominent feature of the luxury hotels category, although the way in which players adopt the strategy varies according to factors such as hotel size and character. Some luxury hotels players take a relatively passive approach by only using online intermediaries, while others have taken greater ownership of the process.

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